Research On Motivation And Performance Of Green Bond Financing For CECWPC

With the acceleration of globalization,the climate and environment are also deteriorating,resulting in frequent occurrence of natural disasters and other events.How to use clean energy and develop a green industry that takes into account both the environment and economic benefits is the goal of all countries in the world.The report of the 19 th National Congress of the Communist Party of my country proposed to "build a market-oriented green technology innovation system and develop green finance".It can be seen that green finance will play an important role in my country’s future economic development.As an important component of green finance,green bonds are of great significance to the construction of my country’s green financial market.Therefore,this thesis analyzes the motivation and performance of enterprises issuing green bond financing through case companies,which is of great significance for enterprises to conduct green bond financing in the future.In order to study the motivation of corporate green bond financing and evaluate the financing performance,this thesis takes the green bond issued by China Energy Conservation Wind Power Co.,Ltd(or CECWPC).Analysis of "G18 Wind Power 1" to obtain green bond issuance experience and market recommendations.The thesis is divided into four parts: the first part includes the introduction and related theoretical foundations,mainly introducing the current development of the domestic green bond market,the definition and characteristics of green bonds,the reasons why companies choose to issue green bonds,the financing performance of green bonds and financing.The relevant literature on performance evaluation methods is reviewed,and the relevant theoretical basis is expounded.The second part is the case introduction,which mainly introduces the basic information of the selected case companies,introduces the basic situation of the issuer-CECWPC,analyzes the industry in which the company is located-the development status of the wind power industry,and briefly describes CECWPC in 2018.The issuance of "G18 Wind Power 1",including the amount raised,credit rating and use of the raised amount.The third part is case analysis,including motivation analysis and financing performance analysis.This thesis firstly analyzes the motivation of CECWPC issuing green bonds from the internal and external perspectives of the enterprise.Then,from the perspective of short-term stock price performance and long-term financial performance,the financing performance of green bonds issued by CECWPC is analyzed.For the short-term stock price performance,the event study method is used to analyze;for the longterm financial performance,the four financial indicators of profitability,growth ability,solvency,and operating ability are selected for analysis,and then the EVA analysis method is used to analyze the performance.On the basis of adjusting various indicators of CECWPC,we can measure the change in the value of CECWPC in the two years before and after the issuance of green bonds.The fourth part is the research conclusions and suggestions.According to the research on the financing motivation and financing performance of green bonds issued by CECWPC,it provides various suggestions for the future issuance of green bonds by listed companies,and proposes suggestions for the government to guide the issuance of green bonds.The contributions of this thesis are: First,the research on green bonds in my country is always concentrated in theory,most of the research content is relatively broad,there are many macro-level analyses,and there is a lack of detailed analysis of a certain industry or company.The research mainly focuses on the issuance system of green bonds and other aspects,and there are few researches combined with actual companies.This thesis takes the issue of green bond financing by CECWPC in 2018 as the main research object.By studying this case,it is not only conducive to summarizing the financing experience in the process of CECWPC issuance,but also to a certain extent for other companies to issue later.Green bonds offer inspiration.Second,this thesis analyzes the impact of green bonds issued by CECWPC on corporate performance through the EVA indicator analysis method.In this thesis,when using the EVA index evaluation method,considering the actual business situation of the enterprise,the index has been adjusted accordingly.The results show that green bonds use low-cost financing methods to break the situation of the company’s single financing channel,and from the perspective of the event study method,it is found that the issuance of green bonds in the secondary market has a positive effect on the company.